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When to teach children about money

May 12th, 2013 · No Comments

When do you start teaching your children about finances and savings?

Many believe that it’s never to early to instill these values so their kids can be successful and responsible adults. This typically starts with an allowance and showing kids that money is earned and can be saved. Lessons like that begin to become more realistic as kids get older and begin to have more expensive wants and needs.

There are many lessons that kids need to learn on their own by making mistakes; however, when it comes to finances it’s best to assist and explain to your children. This can be done by helping them creating a savings account that they can make their own deposits, help outline goals, budget for items they want to purchase, and to demonstrate the value of money.

The value of money should not only be connected to purchasing things but it should also be connected to charitable giving. It’s important to give a positive example of charitable giving and how money can help others. This is a strong lesson and is a clear way to illustrate the importance of financial planning. Even if your child can only afford $10, $100, or more it’s a perfect start.

As you child progresses in life, attends college, and moves out on their own, they will need to be making their own decisions and manage their own finances (even if you are helping them with an allowance). Let’s face it, if there’s money in their account they could spend it on the latest iPhone rather than budgeting a percentage for savings. In order to keep perspective and keep your kids on the right track, it is best to start early and to positively reinforce financial lessons.

These are real life issues that should be considered at the start of a financial plan – how to plan for children, what should be saved for them versus retirement savings, and how to prepare children for their own financial independence. An experienced financial advisor can provide great insight and tips for family planning for the future.

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